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McGuinty Promotes Ontario's Economic Strength In New York

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McGuinty Promotes Ontario's Economic Strength In New York

Gives Business Leaders The Straight Goods On Tackling Ontario’s Challenges

Office of the Premier

NEW YORK -- Ontario Premier Dalton McGuinty today told New York business and financial leaders that Ontario's economy is strong and its new government is tackling the province's challenges head on.

"Most of you do business in Ontario, and you know it is a wonderful place to live, to work, to watch your kids grow and your business grow," Premier McGuinty said in a speech to the Canadian Society of New York.

Private sector forecasts call for real growth of 3.1 per cent in 2004 and 3.7 per cent in 2005. Employment is growing. Consumer confidence is high.

Ontario's economy is responsible for 42 per cent of Canada's GDP and controls more than 50 per cent of all Canadian manufacturing.

The province faces some challenges but its new government is tackling those challenges head on, Premier McGuinty said.

The government has taken swift action to tackle the $5.6 billion deficit it has inherited from the previous government. Bond rating agencies have reacted favourably to the government's initial steps to reduce the deficit by confirming the province's strong credit rating.

The government has introduced a new energy pricing policy that better reflects the true cost of electricity while encouraging conservation.

It has announced a new provincial Health Council to ensure accountability when it comes to health care spending.

It is working with the federal government and New York State to ensure the border is secure and efficient in order to facilitate the $25 billion worth of trade between Ontario and New York State.

"We're committed to the positive change that will ensure Ontario is where business can grow. We're going to make Ontario strong and prosperous for our children, for our grandchildren, for generations to come," said Premier McGuinty.

"This is the kind of real, positive change that Ontarians can expect from their new government -- and you can expect from Ontario."



Business and Economy